CREA, LLC, closed $634 million in low-income housing tax credit (LIHTC) investor equity in 2017 to help create more than 5,500 affordable housing units nationally, announced officials.
Headquartered in Indianapolis, the LIHTC syndicator also raised an additional $292 million of committed equity to start 2018.
“CREA had an incredible 2017 thanks to the valued partnerships with our investor and developer clients,” said Gary Rodney, chairman. “We substantially increased the total amount of equity raised, expanded our pool of investors and developers, and expanded into new markets. This is even more compelling considering the uncertainty that tax reform created in the market this past year. I would like to thank our invaluable staff, investors, and development partners for helping us accomplish so much this year.”
The firm added seven new investors as well as 20 new developer relationships and broadened its national coverage by two additional states—Nebraska and Rhode Island. CREA has properties in 47 states and the U.S. Virgin Islands.
In addition, the company announced the closing of CREA Corporate Tax Credit Fund 57 in December with total capital raised of $199.3 million from 10 investors, eight of which are repeat relationships for the company.
“In an uncertain market, we are appreciative that our investors and development partners trusted us with their investments and properties in Fund 57,” said Jeffrey A. Whiting, president and CEO. “… We are particularly pleased that we reached record volume at CREA, and we are looking forward to 2018.”
Fund 57 is fully specified with 27 properties in 18 states, creating 2,320 units of affordable housing, while also expanding CREA’s developer base with the addition of eight new developer relationships. The fund offered five investment classes for economic and Community Reinvestment Act–motivated investors.
CREA has raised over $4.3 billion in equity from its investors and manages funds on their behalf.
